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Additional Payments Calculator

Input Information
Loan Information
Amount : ($)
Interest Rate : (%)
Length : (Years)
Additional Payment
Additional Payment : ($)

Now that you have more information about your mortgage, take the next step and speak to a Mortgage Consultant today!

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Financial Analysis (Switch to Plain English)
  Standard Additional Payment
Monthly Payment : $1,334.23 $1,384.23
Total Monthly Payments : $480,316.13 $459,357.78
Interest Savings : $20,958.35
Length : 30 Yrs 0 Mts 27 Yrs 8 Mts
Time Saved : 2 Yrs 4 Mts
Results: In Plain English (Switch to Financial Analysis)

When it comes to a home mortgage loan, you can actually pay off the loan much more quickly and save a great deal of money by simply paying a little extra each month.

If you take out a 30 year loan for $250,000.00 with a 5.000% interest rate, for example, your monthly payment (interest and principal only) will be $1,334.23. By the time the 30 year time period is complete, you will have paid $480,316.13 for your home.

If you pay just $50.00 more each month, you will pay only $459,357.78 toward your home. This is a savings of $20,958.35. In addition, you will get the loan paid off 2 Years 4 Months sooner than if you paid only your regular monthly payment.
DISCLAIMER: There is NO WARRANTY or guarantee, expressed or implied, for the accuracy of the information obtained by using these calculators or its applicability to your specific financial situation. While we make every effort humanly possible to maintain the highest degree of accuracy, every situation is different. Please consult an experienced Mortgages Canada representative for more information.